
According to the good folks at SEC, who keep tabs even on the smallest mules in the barn, Cooper Creek made a clean sweep of almost everything – selling that many shares in the third quarter – a period when most folks still had their hopes high for a turnaround. Now, this sale shrinks their stake from a fat 2.7 percent of their total assets down to a mere 0.4 percent. It’s as if they decided Macy’s was no longer worth a spot in their front porch, and that’s a mighty telling sign. New ownership now favors other horses in the race, with holdings in steadier, more predictable outfits like OI, NWL, CXW, BBWI, and AAP. As I write, Macy’s stock stands at $22.36, up a good forty percent from last year’s dust – outperforming even the fancy S&P 500’s sluggish 14 percent. If this keeps up, maybe the old girl isn’t as dead in the water as some would have you believe.